5 high interest savings accounts for your tax return

Tara McCabe

16 Jun 2020

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In just a few weeks you’ll be whipping out all your receipts for your tax return. The question is, what are you going to do with this year’s influx of cash once you get it? 

As with everything this year, tax returns are probably going to be a little different. If you’ve been working from home during social distancing, then you’ll have a few other bits and pieces to claim, such as utility, phone and internet bills. Or if you lost work or your hours were reduced, then the amount of tax you get back might be a little more.

Whatever your circumstances are, one thing you might want to consider doing is opening a high interest savings account to stash your lump sum in. Here are a few savings accounts with interest rates well above the average savings rate (currently 0.74% p.a.*).

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Suncorp Growth Saver Account
  • 1.75% p.a. ongoing bonus rate

  • No account keeping fees

  • No minimum balance

If you can afford to both grow your savings balance by a few hundred dollars and make no more than one withdrawal each month, then Suncorp’s Growth Saver Account might be worth your while. With this account you’ll receive a competitive ongoing savings rate of 1.75% p.a. Just make sure you grow your net balance by at least $200 (excluding interest) each calendar month and make no more than one withdrawal, otherwise your interest rate could drop to 0.15% p.a.

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Bank of Queensland Fast Track Saver Account
  • 1.85% p.a. ongoing bonus rate

  • No account keeping fees

Another one to check out if you’re planning on squirrelling your tax return into your savings stash is Bank of Queensland’s Fast Track Saver Account. This savings account comes with a maximum ongoing rate of 1.85% p.a: base rate 0.20% p.a., bonus rate 1.65% p.a. Just make sure you deposit at least $1,000 into your linked Day2Day Plus Account each month (this could be your salary), to receive the full interest rate.

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HSBC Serious Saver
  • 2.10% p.a., 4-month intro rate

  • No account keeping fees

If you don’t mind account hopping for a more competitive interest rate, then you might be interested in HSBC’s Serious Saver Account. The competitive, four-month introductory rate of 2.10% will be available to you as long as you haven’t had a HSBC Serious Saver account before, your balance is below $1 million and you don’t make any withdrawals throughout the month. Just keep in mind that once the first four months are up, the maximum interest rate will drop to 0.55% p.a. And to get it you’ll have to make no withdrawals from your Serious Saver, connect your HSBC Everyday Global Account and deposit at least $2,000 from an outside source each month.

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Bankwest Hero Saver
  • 1.25% p.a. ongoing bonus rate

  • No account keeping fees

  • Set up automatic payments

If you struggle to remember to deposit money into your savings account each month, then you may want to check out Bankwest’s Hero Saver account. With this account you can set up automatic payments into your savings account via phone or online banking. Just make sure you deposit at least $200 into your Hero Saver account each month and make no withdrawals, to receive the full 1.25% p.a. interest rate (drops to 0.01% p.a. base rate if you don’t meet the conditions).

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ME Online Savings Account
  • 1.80% p.a. ongoing bonus rate

  • No account fees

With a competitive interest rate of 1.80% p.a. on offer, ME Bank’s Online Savings Account could seriously help you boost your savings. You’ll receive the full interest rate when you make at least four ‘tap and go’ purchases, using your linked ME Buck debit card each month, otherwise your interest will be calculated on the base rate (currently 0.10% p.a.).

Didn’t find the savings account you were looking for? Head to Mozo’s compare high interest savings accounts page, to see what other interest rates are out there.

*Average savings rate taken from information available in the Mozo database, correct as of 1 June 2020.

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